SAWT BEIRUT INTERNATIONAL

| 3 March 2024, Sunday |

COP28 kicks off with climate disaster fund victory

A new fund to assist developing countries in dealing with expensive climate disasters was adopted by delegates at the U.N. climate summit on Thursday, giving it an early success.

Sultan Ahmed al-Jaber, the president of COP28, stated that the choice gave a “positive signal of momentum to the world and to our work here in Dubai.”

On the opening day of the two-week COP28 summit, delegates established the fund and invited states to make announcements about their contributions.

And several did, kicking off a series of small pledges that countries hoped would build throughout the conference to a substantial sum, including $100 million from the COP28 host United Arab Emirates, at least $51 million from Britain, $17.5 million from the United States, and $10 million from Japan.

Later, the European Union pledged $245.39 million, which included $100 million pledged by Germany.

The early breakthrough on the damage fund, which poorer nations had demanded for years, could help grease the wheels for other compromises to be made during the two-week summit.

Alden Meyer of the think tank E3G said the approval for the “loss and damage” fund, as it’s been called informally over the last two years, meant “not having either side play games and using L&D as a bargaining chip tied to other issues.”

    Source:
  • Reuters